Apart from garnering the dimension effect, it is the synergistic advantage of constituent elements that contributes to enhanced properties in nanocomposites in comparison to pristine counterparts. While in some cases, nanocomposites have been obtained by introducing nanoparticles/nanofibers as fillers to reinforce host materials, plethora of reports employed in situ synthesis of nanocomposites. Novel quantum effects and enhanced surface-to-volume ratio in nanocomposites are reported to contribute towards extraordinary physico-chemical properties. Characteristics of nanocomposites are well reported to be precisely adjusted by modifying nanoparticles/nanofiber size, shape, dispersion and concentration during synthesis. Some of the prominent materials which are used in the synthesis of nanocomposites are carbon nanotubes, graphene, nanoclays, metal nanoparticles, nanostructured ceramics, etc. Their adaptability makes them suitable for use in a variety of industries, such as the biomedical, automotive, aerospace and electronics sectors. Here, exciting opportunities exist for creating innovative materials with improved performance and multifunctionality. This report provides emphasis on the gas sensing properties of carbon-based nanocomposites.